- The fund launched a tokenized on-chain version of its portfolio, offering global exposure to SpaceX, OpenAI, Anthropic and Databricks through a single asset.
- CEO Ben Miller said Fundrise rejected hedge fund allocations, prioritizing retail investors for access to shares during the listing.
- Demand for proxy exposure is rising ahead of expected SpaceX, Anthropic and OpenAI IPOs, even as Citron questioned the fund’s premium to NAV.
Shares of Fundrise Innovation Fund (VCX) fell nearly 10% in premarket trading on Tuesday, giving back some recent gains as the fund expanded blockchain-based access to private tech giants, including SpaceX and Anthropic.
The decline follows a volatile stretch since the fund’s listing, during which shares surged more than 500% over five sessions before dropping over 65% after short seller Citron Research disclosed a bearish position.
The heightened buzz for VCX comes as investors increasingly position through public-market proxy vehicles ahead of expected listings from several large private tech companies widely seen as anchors of the next major IPO cycle.
VCX Takes Private Tech Onchain
The retail-focused structure now extends beyond the public listing through a newly tokenized version of the portfolio that enables eligible investors globally to gain exposure to a diversified basket of late-stage private tech companies, including SpaceX, OpenAI, Anthropic and Databricks, through a single blockchain-based asset.
Payward, the parent company of the tokenized equities platform enabling the launch, said the move expands access beyond traditional venture structures. The tokenized version is expected to go live in the coming days and will allow integration into on-chain financial applications, including lending, collateralization, and automated investment strategies.
VCX Rejects Hedge Funds For Retail
In a new interview over the weekend with Craig Stephens, host of the Access IPOs podcast, Fundrise CEO Ben Miller said the fund was structured to prioritize individual investors rather than institutional buyers typically involved in IPO allocations. Miller said the firm rejected raising capital through hedge funds and instead distributed shares directly to platform investors.
“Let the retail investors be the ones who get the inside shares rather than the hedge funds,” Miller said, adding that “our customer is the retail investor, is the individual investor, not the institutions.”
VCX has raised between $450 million and $500 million from about 100,000 investors, according to Miller, and delivered strong early performance before its listing. “It performed really well over the first few years,” he said. “I think the average client return was 40% a year.”
Private Tech IPO Pipeline Heats Up
Demand for vehicles offering proxy exposure to private technology leaders has increased following reports that SpaceX could file its IPO prospectus any day now, ahead of a potential June listing expected to raise more than $75 billion.
Anthropic has hired IPO counsel ahead of a possible 2026 listing, while OpenAI is reportedly preparing for a potential fourth-quarter debut after expanding a financing round that could mark its final major private raise before entering public markets. Together, the three companies represent more than $2 trillion in combined private-market value.
Citron Short Sparks VCX Valuation Debate
The rally has also drawn scrutiny from short seller Citron Research, which said it is short VCX and argued that the fund’s market price remains disconnected from the underlying asset's value. Citron noted that the shares traded above $400, even though the underlying assets were worth roughly $19, and urged regulators to examine whether the sponsor is compensating influencers or publishers to promote the fund.
However, Fundrise rejected the criticism. “Some companies short stock and then do PR smear campaign to drive the stock down,” Miller said on CNBC. “Trying to talk down the stock, that hurt our investors.”
How Do Stocktwits Users Feel About VCX?
On Stocktwits, retail sentiment for VCX has remained ‘extremely bullish’ over the past week amid ‘extremely high’ message volume, with a more than quadrupling of followers over the past week.
One user said, “This is a combination of well-known unlisted stocks and cryptocurrencies! Game changers of the future!”
Another user said, “Just waiting on the spacex ipo to watch vcx jump to $500.”
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